- Public Cord Blood Banks
- Private Cord Blood Banks
Umbilical Cord Blood Banking Market was valued at USD 12,452.7 million in 2022 and is poised to grow at a CAGR of 6.3 % from 2023-2029. The umbilical cord blood banking market is a specialized sector within the broader field of stem cell banking. Umbilical cord blood banking is involved in collecting, processing, and storage of stem cells taken from the bloodstream of a newborn baby's umbilical cord. Umbilical cord blood is a rich source of hematopoietic stem cells, which have the ability to reconstitute any blood cell type, and so have the potential to cure blood-related cancers and life-threatening conditions. Unlike other sources of stem cells, such as bone marrow, umbilical cord blood harvest is a non-invasive, painless technique that provides no danger to either the mother or the infant. The increased need for cord blood transplantation to treat cancers, hemoglobinopathies, metabolic disorders, and immunodeficiencies during the last decade has fueled the establishment of umbilical cord blood banks globally. The growing understanding of stem cell's potential therapeutic uses has also rose demand for umbilical cord blood banking. Furthermore, advances in stem cell research and regenerative medicine have broadened the potential applications of cord blood, while also creating chances for the expansion of the umbilical cord blood banking market. However, the high expenses of private cord blood banking, as well as the complicated legal environment across many regions and nations, make it difficult for enterprises to function consistently and develop their umbilical cord blood services internationally. Continued research, collaboration between public and private institutions, and the development of numerous cell-based therapies by various pharmaceutical firms have all contributed to the expansion of the umbilical cord blood banking market.
Umbilical Cord Blood Banking Market Key Developments:
Fastest Growing Market
Umbilical cord blood is used to treat many life-threatening diseases including leukemia, certain other cancers and blood, immune and metabolic disorders. Moreover, the increasing prevalence of all these life-threatening diseases creates lucrative opportunities for the cord blood storage over the forecasted years. Moreover, cord blood from their own family can have significant advantages in the treatment, including fewer complications and improved medical outcomes.
The umbilical cord blood banking market size was valued at USD 12,452.7 million in 2022
North America is the fastest-growing for umbilical cord blood banking market
Increasing Burden of Genetic Diseases